On-chain data reveals that the official allocation wallet of the TRUMP meme coin project transferred 7 million TRUMP tokens, worth approximately $17.22 million, to institutional custodian Bitgo on May 11. This marks the third major transfer to Bitgo from team-controlled wallets, reigniting concerns about insider selling pressure.
Transfer Details and Historical Pattern
The transfer first moved 4.915 million TRUMP to an intermediate wallet (3S7zwP), which then deposited a total of 7 million TRUMP into Bitgo's custody infrastructure. On-chain records show similar large-scale transfers in the past: in January 2025, the team sent about 9 million TRUMP ($31.45 million at the time) and another 6.97 million TRUMP ($23.18 million) to Bitgo. Each prior transfer was followed by notable price declines, suggesting the tokens may eventually be routed to exchanges.
Bitgo is a leading institutional custodian known for multi-signature security and cold storage. While custody transfers do not automatically indicate an intent to sell, the historical pattern weighs on market sentiment.
Token Performance and Regulatory Scrutiny
TRUMP, a Solana-based meme coin launched in January 2025 ahead of Donald Trump's inauguration, has crashed roughly 96% from its all-time high, hovering between $2.40 and $2.96 in recent weeks. Despite the severe decline, the project team continues to actively use its allocation wallet.
These movements have drawn attention from U.S. lawmakers. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal are investigating the TRUMP token over potential conflicts of interest and risks to retail holders. With 80% of TRUMP's total supply controlled by Trump-affiliated entities under a three-year vesting schedule, any visible wallet activity naturally stirs concern.
As Bitcoin trades around $81,000 and the broader crypto market remains cautious, retail TRUMP holders face an asymmetric risk: a token already down 96% from its peak, while well-funded insider wallets continue to move tokens through institutional channels.